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JSC VTB Bank Supervisory Council held its meeting

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6 March 2009

On 6 March 2009, JSC VTB Bank Supervisory Council held its meeting to approve issues to be included into the Agenda of the Bank's annual General Shareholders Meeting as proposed by the Federal Agency for Federal Property Management, namely: election of the Bank's Supervisory Council and Statutory Audit Commission members; approval of the Bank's auditor; approval of the Annual Report, financial statements, including income and loss statement, and allocation of the Bank's income and loss by the end of 2008 fiscal year; annual dividend payment, its amount and payment form.

The Supervisory Council also resolved to include the names proposed by the Federal Agency for Federal Property Management in the list of candidates standing for election to the VTB Bank Supervisory Council and Statutory Audit Commission. Under the proposal of the Federal Agency, the number of independent members of the Bank's Supervisory Council is to be increased to four. Therefore, the list now includes the following persons:

Matthias A. Warnig (an independent member)

Grigory Yu. Glazkov (an independent member)

Arkady V. Dvorkovich.

Anton V. Drozdov

Andrey L. Kostin

Nikolay M. Kropachev (an independent member)

Alexei L. Kudrin

Alexey L. Savatyugin

Vitaly G. Savelyev

Alexei V. Ulyukaev

Mukhadin Ab. Eskindarov (an independent member)

Also the Supervisory Council members discussed a possible increase of VTB capital through an additional issue of shares, and resolved to ask the Bank`s Management Board to draft proposals with the major parameters of such an issue for approval after the relative legislation is enacted.

For reference: There are three new candidates for election to JSC VTB Bank Supervisory Council at the annual General Shareholders Meeting:

Glazkov, Grigory Yuryevitch was born in 1953. Graduated from the Leningrad State University in 1979 specializing in National Economy Planning. In 2006 - graduated from the Higher School of Psychology as psychologist. In 1997-2002 - Department Head, the Russian Finance Ministry. In 2002-2004 - consulting psychologist, Director of the "Point of View" Psychological Consulting Center. In 2002-2005 - a consultant at the Federal Project Finance Center. Since 2004 - an independent consultant.

Savelyev, Vitaly Gennadyevitch was born in 1954. PhD in Economics. Graduated from the Leningrad (St.Petersburg) Polytechnic Institute specializing in Construction Management, and Leningrad (St.Petersburg) Institute of Engineering and Economics. Before joining Russia Bank in 1993, Mr. Savelyev held various positions in engineering companies and in the Institute. In 1993-1995 - Chairman of the Management Board, Russia Bank. In 1995 - General Manager of Menatep Commercial Bank Representative Office in St.Petersburg. In 1996-2001 - Chairman of the Management Board, Menatep St.Petersburg Commercial Bank. In 2001-2002 - Deputy Chairman of the Management Board, JSC Gazprom. In 2002-2004 - Financial Vice President, Gross United Company Ltd. In 2004-2007 - Deputy Minister, Russian Ministry of Economic Development. Since 2007 - First Vice President - Head of Telecommunications Assets business unit in JSC AFK Sistema. Holds state and industry awards.

Eskindarov, Mukhadin Abdurakhmanovitch was born in 1951. Doctor of Economics, professor. Graduated from the Moscow Finance Institute (presently the Finance Academy under the Government of the Russian Federation) where he has worked ever since. In 1992 - appointed Pro-Rector of the Academy in charge of economic activities, then Pro-Rector and later First Pro-Rector in charge of academic activities. In 2002 - First Pro-Rector of the Academy. Since 2006 - Rector of the Academy. Since 1998 - a full member of the Russian Management and Market Academy, and a member of the International Adygei Academy. Mr. Eskindarov is a winner of numerous awards and prizes in the spheres of education and finance. He is an Honored Worker in Science and Education of the Republic of Kalmykia, and an Honored Worker in Science of the Republic of Ingushetia.